Energy Sector Update for 02/25/2019: HYGS,MDR,KOS,PAA

Top Energy Stocks

XOM +0.29%

CVX +0.31%

COP -0.60%

SLB +1.13%

OXY +0.32%

Energy stocks turned narrowly mixed again in late Monday trading, with the NYSE Energy Sector Index falling about 0.1% while shares of energy companies in the S&P 500 were up slightly more than 0.2% as a group. West Texas Intermediate crude oil for April delivery settled $1.78 lower at $54.48 per barrel in New York while the global benchmark Brent crude April contract declined $2.51 to $64.61 per barrel. March natural gas futures rose 12 cents to $2.83 per 1 million BTU. Among energy-related ETFs, the United States Oil fund fell over 2.9% while the United States Natural Gas fund rose nearly 2.8%. The Philadelphia Oil Service Sector index also was up nearly 0.9%.

Among energy stocks moving on news:

(+) Hydrogenics ( HYGS ) climbed more than 7% after the maker hydrogen fuel-cell modules Monday said it received a contract from Air Liquide Canada to design, build and install a 20-megawatt electrolyzer system for a hydrogen production facility in Canada. The facility is expected to be in commercial operation by the end of 2020, generating nearly 3,000 tons of hydrogen annually.

In other sector news:

(+) McDermott International ( MDR ) was trading 2% higher in recent trading. The oilfield-services company Monday announced today a large contract award valued at least $50 million from Saudi Aramco for engineering, procurement, construction and installation services at two existing offshore platforms in the Marjan field near Saudi Arabia. The company also posted Q4 results below Street expectations.

(+) Kosmos Energy ( KOS ) was more than 9% higher Monday afternoon after the oil and natural gas producer began a new dividend program, declaring a $0.0452 per share dividend payable March 28 to the shareholders of record on March 7.

(-) Plains All American Pipeline LP ( PAA ) was fractionally higher after the oil and natural gas transportation and storage company said it has named Chris Chandler as its new chief operating officer, effective March 1. Chandler currently is the senior vice president for strategic planning and acquisitions at the company.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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